Auto Loan
Best Auto Loan Rates in Virginia
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There are a couple of factors, including the credit score rates, that influence the auto loan rates in Virginia. The length of the loan term and your car model are all key factors in determining the loan rates. To finalize the organization that can fetch you low APRs, research needs to be done.
Here are the current auto loan rates in Virginia, along with details on the best rates available from banks, credit unions, and other national institutions.
The auto loan rates in Virginia start at 3.61% for 36 months. However, as the loan term increases, the APR also increases. There are banks, credit unions, and other national institutions that offer auto loans at good rates. Proper research will help you find one that suits your needs and budget. For example, Bank of the James, Old Point National Bank, Navy Federal Credit Union, and Congressional Federal Credit Union are some of the auto loan providers in the state.
Here is a list of banks, credit unions, and other national institutions that provide the best auto loan rates in Virginia.
When it comes to the banks for auto loans in Virginia, the rates are neither too high nor too low. It ranges from 3.61% for 36 months and goes up to 5.81% for 72 months for most banks. The banks that offer the best auto loan rates in Virginia include Bank of the James, Old Point National Bank, and Miners Exchange Bank.
| Banks | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Bank of the James | 3.61% | 3.61% | 3.81% | 3.81% |
| Citizens and Farmers Bank | 5.30% | 5.30% | 5.30% | 5.30% |
| First Citizens Bank and Trust Company | 6.55% | 6.55% | 6.55% | NA |
| Freedom Bank of Virginia | 5.31% | NA | NA | NA |
| MCNB Bank and Trust Co. | 5.31% | 5.56% | 5.81% | 5.81% |
| Miners Exchange Bank | 5.56% | 4.45% | 5.56% | 4.75% |
| Truist Bank | 6.51% | 6.51% | 6.69% | 6.82% |
| Old Point National Bank | NA | 4.55% | 4.55% | 4.55% |
Credit unions also provide affordable auto loans in Virginia. However, most credit unions require your membership for you to apply for auto loans. Some of the best credit unions in Virginia that give the best interest rates include the Navy Federal Credit Union, Congressional Federal Credit Union, and Apple Federal Credit Union. So, with a good credit score, there are chances for you to lock in the best auto loan rates.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | NA | NA | NA |
| Penfed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Apple Federal Credit Union | 4.80% | 5.05% | 5.30% | 5.55% |
| Congressional Federal Credit Union | 5.05% | 5.55% | 5.85% | 6.05% |
| Navy Federal Credit Union | 4.15% | 4.45% | 4.45% | 4.85% |
| Park View Federal Credit Union | 4.95% | 6.05% | NA | NA |
| State Department Federal Credit Union | 4.95% | 5.20% | 6.05% | 6.40% |
| Together Credit Union | 5.45% | 5.45% | 5.45% | NA |
Nationalized institutions are another option when it comes to auto loans. In Virginia, several national institutions offer the best auto loan rates. This includes Chartway Federal Credit Union, PenFed Credit Union, and Navy Federal Credit Union.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Chartway Federal Credit Union | 5.81% | 5.81% | 6.31% | 6.31% |
| Bank of America | 6.05% | 6.05% | 6.32% | 6.32% |
| Navy Federal Credit Union | 4.15% | 4.55% | 4.55% | NA |
| USAA | 5.80% | 5.80% | 5.80% | 5.80% |
| Wells Fargo Bank National Association | 3.43% | NA | NA. | NA |
The lowest APRs for used cars are found with Western Alliance Bank, Bank of the James, and Citizens and Farmers Bank. The lowest APR would be 4.05% for 36 months. However, the APRs can be 6.68% for a 60-month loan term with banks like Truist Bank.
| Banks | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Bank of the James | 4.05% | 4.30% | 4.45% | 4.56% |
| Citizens and Farmers Bank | 5.30% | 5.30% | 5.30% | 5.30% |
| First Citizens Bank and Trust Company | 6.55% | 6.55% | 6.55% | NA |
| Freedom Bank of Virginia | 6.06% | NA | NA | NA |
| Truist Bank | 6.31% | 6.76% | 6.86% | NA |
| Old Point National Bank | NA | 4.55% | 4.55% | NA |
| Western Alliance Bank | 6.06% | 6.06% | 6.06% | NA |
When it comes to approaching credit unions for used cars, it can be higher. With credit unions like Navy Federal Credit Union, the APR starts at 4.15% for 36 months. If you are looking for a longer term, then the rates can be 7.25%.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Chartway Federal Credit Union | 5.81% | 5.81% | 6.31% | 6.31% |
| Bank of America | 6.05% | 6.05% | 6.32% | 6.32% |
| Navy Federal Credit Union | 4.15% | 4.55% | 4.55% | NA |
| USAA | 5.80% | 5.80% | 5.80% | 5.80% |
| Wells Fargo Bank National Association | 3.43% | NA | NA. | NA |
JP Morgan Chase Bank is a good option for your used car loan, with rates starting at 3.60% for 36 months and 3.45% for 72 months. Chartway Federal Credit Union can also be considered an APR as low as 6.31% for 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 6.85% | 6.95% | 7.00% | 7.05% |
| Chartway Federal Credit Union | 5.81% | 5.81% | 5.91% | 6.31% |
| Affinity Plus Federal Credit Union | 6.30% | 6.30% | NA | NA |
| JP Morgan Chase Bank | 3.60% | 3.60% | 3.50% | 3.45% |
| Navy Federal Credit Union | 5.05% | 5.55% | 5.55% | 5.65% |
There are several factors you need to consider while researching your car loan rates.
The current auto loan rates in Virginia start at 3.61% for shorter terms. Certain nationalized institutions or credit unions like Wells Fargo offer auto loan rates in Virginia as low as 3.60%. Also, comparing offers from lenders will help you to understand the rates in the state.
Both banks and credit unions offer the best auto loan rates in Virginia. Bank of the James, Old Point National Bank, Miners Exchange Bank, Navy Federal Credit Union, Congressional Federal Credit Union, and Apple Federal Credit Union are some of the credit unions and banks that offer good options for auto loans in the state.
Bank of the James, Old Point National Bank, Miners Exchange Bank, Navy Federal Credit Union, Congressional Federal Credit Union, and Apple Federal Credit Union are the credit unions and banks that offer good options for auto loans in Virginia.
If you have an excellent credit score, then the best rates for auto loans start at 3.61% in the state.
Your location, your credit history, and your down payment amount will influence the loan rates. In Virginia, Bank of the James, Old Point National Bank, and Miners Exchange Bank offer competitive rates.
Navy Federal Credit Union, Congressional Federal Credit Union, and Apple Federal Credit Union are the credit unions that provide the best auto loan rates in Virginia.
The average auto loan interest rate for used cars starts at 3.61%.